Bitwise data showed the sector expanded from near zero in 2020, with Tether's USDT still the largest stablecoin ahead of Circle's USDC and DAI.
Stablecoin market capitalization climbed from near $0 in 2020 to nearly $300 billion in Q2 2026, according to Bitwise data, underscoring the rapid expansion of fiat-pegged digital tokens used for trading, payments and settlement across crypto markets. Tether's USDT remained the largest stablecoin, followed by Circle's USDC, while DAI was also among the leading tokens in the sector.